Baku/16.08.22/Turan: By its resolution the Kazakh government has approved a draft treaty on trade and economic cooperation with Azerbaijan, KazTAG reported.
According to the draft agreement, "each party creates favorable conditions for cooperating business entities in the territory of its state and in accordance with the laws of its state, and refrains from actions that might prejudice the interests of the other party". Besides, the parties "promote the establishment of direct contacts between business entities, regardless of organizational and legal forms and form of ownership.
"The agreement between the Government of the Republic of Kazakhstan and the Government of the Republic of Azerbaijan on trade and economic cooperation is a framework document which lays the foundation for cooperation in such areas as trade, investment, entrepreneurship, protection of the balance of payments, and is aimed at further development and strengthening of existing bilateral trade and economic relations between the parties," - says the explanatory note to the document.-0-
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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